Mirage, the company behind the video editing application Captions, has secured $75 million in growth funding from General Catalyst’s Customer Value Fund (CVF). Over the last year, the startup has undergone notable transformations in both its product and corporate identity.

The company changed its name from Captions to Mirage, repositioning itself as an AI lab that develops various models and serves sectors such as advertising and marketing. It has also trained a specialized model focused on pacing, framing, and attention dynamics for short-form videos.

In January 2025, Mirage transitioned to a freemium model to more effectively compete with rival applications like ByteDance’s CapCut and Meta’s Edits, which launched later that year. The company now provides a comprehensive video creation suite, incorporating features from Captions, that enables businesses to produce and distribute videos at scale.

Mirage’s co-founder and CEO, Gaurav Misra, stated the company plans to develop additional models. While he did not detail the specific functions of the next models, he indicated they will concentrate on “assembly intelligence”—essentially constructing videos from diverse sources and components.

Discussing Mirage’s new audio model, which it says maintains accents in generated videos, Misra explained, “The reason for the audio model was that we noticed that there was a gap in accents because a lot of our users are international. Accents are just very important. There was my own dad’s example. He was trying to use the app, and he would say a word in an Indian accent, and it would always make it sound like he’s talking in an American accent.”

Data from analytics firm AppFigures shows that Captions has been downloaded more than 3.2 million times over the past 365 days, generating $28.4 million in in-app revenue. Misra noted the platform has been used to create over 200 million videos to date and has drawn an international audience, with only 25% of its revenue originating from the United States.

Currently, Mirage’s marketing suite is accessible via the web, while Captions primarily offers a mobile-first editing experience. The company intends to integrate these two platforms to better serve small businesses interested in producing marketing videos.

Pranav Singhvi, managing director of General Catalyst’s CVF fund, remarked that Mirage demonstrates strong product-market fit. “Mirage’s business equation is extremely figured out. They know exactly how to spend that dollar and generate a very attractive ROI. If you think about the market they’re going after, it’s in a sense an infinite total addressable market.”

He acknowledged the competitive landscape, with many companies developing AI video-generation tools for marketing—such as Canva, which has introduced various creation and tracking features, and platforms like D-ID, HeyGen, Webflow, and Avataar releasing new models and capabilities. However, Singhvi expressed confidence in Mirage’s positioning and unit economics. “Regardless of what the other tools are out there, Mirage is clearly ahead of the pack from a unit economics standpoint. Ultimately, it’s all a reflection of their product,” he said.

Mirage plans to use the new capital to accelerate its growth and expand into high-growth markets across Asia.